MEETING OF CREDITORS.

New Zealand Mail, Issue 937, 14 February 1890, Page 2 (Supplement)

MEETING OF CREDITORS.

A meeting of creditors in the estate of John and Archibald Sinclair, sawmillers, of Pitone, was held in the Official Asignee’s office on Monday afternoon. There were five creditors present, and Mr D. Wilkie was voted to the chair, in the absence of the Official Assignee. The debtors presented a written statement, which set out that when they commenced business aMr Green was in partnership with them, but subsequently retired from the firm. They stated that owing to pressing demauds they were obliged to borrow the sum of £3O, £lO each from the South Pacific and Pitone Loan Companies and Mrs J. Coulter. In October last - they procured some machinery from Messrs Nees and Son to the extent of £6O, giving a promissory note as payment. They pointed out that they had lost a considerable sum on a contract for the supply of sashes and panes, the articles being condemned and sent back to them. In order to pay wages they were obliged to borrow the sum of £3O from Mr Smart, of Manners-street, in consideration of which loan they gave him a bailment over their principal machinery. The money became due on the Ist January, and they were compelled to borrow the sum of £6O fiom the Empire Company to relieve their machinery, whioh they gave as security. Their position became known to their creditors, a private meeting was held, and they were advised to file. Mr Travers stated that he had been asked to look into the securities by the Official Assignee, and he explained that there appeared to ba some extraordinary muddle over the machines. "He suggested that they should wait till the Official Assignee returned. Ultimately it was agreed, on the motion of Mr Coulter, seconded by Mr Jackson, that the meeting should be adjourned an til Friday (to-day).